The Real Deal New York

Staten Island’s North Shore poised for major new developments

April 26, 2013 03:00PM

Private investors will spend nearly $1 billion over the next decade into transforming Staten Island’s North Shore from a sleepy outpost into a bustling urban center, the New York Times reported. Among the projects in the pipeline are the world’s tallest Ferris wheel, an outlet mall and a 200-room hotel. A major residential complex by Ironstate Development is set to break ground in June in the Stapleton neighborhood near the Staten Island Ferry terminal.

The Ironstate project’s first $140 million phase will include two buildings with 27,000 square feet of retail space and 571 rental units. Rents will range from $1,200 for a studio to $2,600 for a two-bedroom apartment.

“Staten Island is losing a lot of young people because there are no options to attract them,” David Barry, president of Ironstate, told the Times. “You can’t have old housing stock and expect to attract your best and brightest.”

Another project close to the terminal is Lighthouse Point, a $250 million waterfront plaza being built by Triangle Equities that will include 53,000 square feet of retail space as well as a 164-room hotel and 96 housing units.

“We really believe that this is a transformational moment for the North Shore of Staten Island,” Seth Pinsky, president of the city’s Economic Development Corporation, told the Times. “Staten Island is entering into a golden age.”

The city has already invested over $200 million in public funds on projects such as the restoration of the ferry terminal and the waterfront. [NYT] –Hiten Samtani